In the prior art, the current in a semiconductor light emitting diode (LED) has been regulated by a control circuit containing an insulated gate field effect transistor (IGFET) driver switch of relatively very large transconductance in series with a ballast resistor. The IGFET driver is typically formed in a semiconductive silicon chip in accordance with standard MOS (metal-oxide-semiconductor) technology. During operation, if the voltage drop across the IGFET driver in its "on" condition is relatively small compared with applied voltage, the brightness of the LED in its "on" condition is somewhat stabilized by the ballast resistor. However, such a control circuit suffers from poor current regulation, whereby the current in the LED during operation can fluctuate by as much as a factor of 3 when the voltage of the external power supply, of typically about 5 or 6 volts, fluctuates by only 20 percent. Although this fluctuation in current can be reduced by means of the selection of larger voltages for the power supply in conjunction with a larger ballast resistor, such an approach to the current fluctuation problem still suffers from the requirement of a physically relatively large IGFET driver, which consumes an undesirably large amount of semiconductive silicon chip area, but which is required in order to keep the driver resistance, and hence the driver voltage drop, relatively small (0.5 volt drop) for the desired LED operating current. Moreover, ordinary processing variations in the manufacture of the IGFET driver of the prior art circuit cause corresponding variations in the LED operating current, thereby adversely affecting either the brightness or the lifetime of the LED on account of, respectively, either too little or too much operating current. It would therefore be desirable to have a control circuit for stabilizing the operating current in an LED, which mitigates the shortcomings of the prior art.